The ambition of Uttar Pradesh to become a trillion-dollar economy within the next four or five years is no small feat. The state is making strategic moves to reshape economic arena. One important element driving the transformation is the integration of the startup ecosystem with larger industries.
Invest UP CEO Abhishek Prakash spoke about the state’s forward-thinking policies at the recent Business Standard’s ‘Samriddhi’ roundtable held in Lucknow. Single-window online clearance portal named ‘Nivesh Mitra’ is at the heart of the effort. It boasts an impressive disposal rate of 97.22%. The efficiency highlights the commitment of the state to bureaucratic red tape and strengthening a business-friendly environment. Uttar Pradesh recently earned a prestigious award from the central government for its efforts.
Uttar Pradesh is also focusing on connecting its startup ecosystem with established industries. The synergy is crucial for startups and it often struggle to scale without access to larger networks. The state is creating an environment where innovation can thrive alongside industrial giants.
The approach is bearing fruit. About 25% of the Rs 10 trillion worth of private investment projects launched during the February 2024 have reached commercial production.
Uttar Pradesh is a landlocked state and logistics have always been a bottleneck. The government is actively promoting inland waterways to enhance interstate and intrastate logistics. The initiative addresses a logistical challenge and also positions the state as a trade hub.
Pankaj Kumar from Nabard highlighted that nearly Rs 1 trillion has been pumped into the state and this reflects growing confidence in the investment climate. It is bolstered by Sidbi’s efforts to modernize lending for MSMEs.
Uttar Pradesh is about growth and is also actively creating ecosystems for businesses. The forward-looking policies and partnerships between startups and large industries are important to the transformation. The real winners will be the businesses that are bold enough to seize the opportunities presented by this new Uttar Pradesh.
